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A certain sum at compound interest amounts to ₹ 12960 in 2 yr and ₹ 13176 in 3 yr. Find the rate per cent per annum.

11/3%
21/3%
12/3%
22/3%

Correct Answer: 12/3%

Explanation:

SI for on ₹ 12960 for 1 yr
= 13176 - 12960 = ₹ 216
By formula, SI = (P x R x T)/ 100
⇒ 216 = (12960 x R x 1)/100
∴ R = 5/3 = 1²/₃

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